Health Insurance

INTRODUCTON – The term “health insurance” is commonly used in the United States to describe any program that helps pay for medical expenses, whether through privately purchased insurance, social insurance or a non-insurance social welfare program funded by the government. Synonyms for this usage include “health coverage,” “health care coverage” and “health benefits” and “medical insurance.” In a more technical sense, the term is used to describe any form of insurance that provides protection against injury or illness.

In America, the health insurance industry has changed rapidly during the last few decades. In the 1970’s most people who had health insurance had indemnity insurance. Indemnity insurance is often called fee-forservice. It is the traditional health insurance in which the medical provider (usually a doctor or hospital) is paid a fee for each service provided to the patient covered under the policy. An important category associated with the indemnity plans is that of consumer driven health care (CDHC). Consumer-directed health plans allow individuals and families to have greater control over their health care, including when and how they access care, what types of care they receive and how much they spend on health care services.

These plans are however associated with higher deductibles that the insured have to pay from their pocket before they can claim insurance money. Consumer driven health care plans include Health Reimbursement Plans (HRAs), Flexible Spending Accounts (FSAs), high deductible health plans (HDHps), Archer Medical Savings Accounts (MSAs) and Health Savings Accounts (HSAs). Of these, the Health Savings Accounts are the most recent and they have witnessed rapid growth during the last decade. Read the rest of this entry »

Health insurance is a big investment and you should carefully consider all of the options before making a decision. Little success can be achieved if you are physically unwell. Therefore, health insurance may be important to you.

Health Insurance Policy

Health is the biggest and most crucial asset of every living being. A health insurance policy is meant to financially assist you in case there occurs a setback to your health.

The insurer may be a private organization or a government agency. In a health policy, coinsurance refers to the percentage of the medical bills that the insured individual will have to pay after the deductible is met.

There are different types of health insurance but mainly all the health insurance pays a fixed percentage of the expenses for the policy holders bill.

Group Health Insurance

Group Health Insurance is a benefit that some companies offer their employees enabling them to receive private medical treatment quickly and at no cost should they need it. As an employee benefit, group health insurance has many rewards.

Labor and trade unions also may offer group health insurance for their members. Spouses and children can often be added to most employee health plans, though the rate will be higher. Read the rest of this entry »